Published: 8th Jan 2020

South Somerset District Council has added a £9m office block in Welwyn Garden City to its growing property portfolio. The council has revealed it has bought the Alchemy building for £9.7m, reflecting a net initial yield of 7%. According to the council, the property offers 38,880 square feet of ‘contemporary office accommodation and Grade A specification to its high-profile tenants’ and is considered as ‘one of the best’ in Welwyn Garden City. The property, which is only half a mile from Welwyn Garden City station and 30 minutes from King’s Cross, is occupied by many well-known tenants, including the Environment Agency and Deutsche Telekom (T Mobile). The building also neighbours the headquarters for retail giant, Tesco. ‘This is an important investment for the council, with a high-quality building and tenants in an area where we can expect to see rental growth,’ said the council’s portfolio holder for commercial strategy, Cllr … (To read the full article, subscribe below)